MSP Steel plans to raise Rs 16 cr thru public issue

MSP Steel and Power Ltd is entering the capital market to raise Rs 16 crore through a public issue of 1.6 crore equity shares of Rs 10 each at par.

The proceeds of the issue would be used to fund its integrated steel plant in Chhattisgarh. The issue opens on June 20 and closes on June 24. The company is setting up a 1.92-lakh tonnes per annum sponge iron plant along with a 24-MW captive power plant, 95,109-TPA steel melt shop with billet caster and a 80,000-TPA re-rolling mill with Thermex TMT plant at a cost of Rs 124 crore, company officials said.

(This article was published in the Business Line print edition dated June 16, 2005)

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